5 mid-cap stocks set to grow dramatically in 2024. Add them to your watchlist

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mid-cap stocks have once again proved their potential by outperforming the benchmark indices in 2023 by a huge margin. Mid-cap stocks have the potential to give high returns in a bullish market phase. Although individual stock performance is the primary reason behind this rally, another important contributing factor is the performance of the Indian economy and the rising importance of India as a key player in the global supply chain.

With the world considering India as the primary substitute for China and the country pushing manufacturing through key initiatives such as Make in India and the Product Linked Incentive (PLI) schemes, the country's foreign fund inflows have increased. This is helping several mid-sized companies to expand and grow their business substantially. Keeping that in mind, we have shortlisted five mid-cap stocks that are set to grow dramatically in 2024.

Take a look. First on the list is Trent, one of the leading players in the branded retail industry in India. A subsidiary of the Tata Group, the company operates retail stores under the brand names Westside, Zudio, Star, and Landmark.

At the end of financial year 2023, the company operates around 680 stores across 250 cities in India. In the financial year 2024, the company plans to add over 240 stores with an estimated capex of ₹8 billion (bn). As India is one of the world's fastest-growing economies and has the largest youth population, Trent plans to capitalise on the growth in the Indian market.

In line with this goal, the company recently launched ‘Samoh’, a luxury clothing brand and opened its first store in April 2023. It also plans to open stores of this brand across the country and take the count from one to ten in a year. Trent also